The latest figures from the Nationwide have offered mixed news on house prices.
There was mixed news on house prices as the Nationwide revealed its latest figures.
While prices dropped by 0.4 percent during November, the rate of fall "moderated significantly" during the month, according to chief economist Fionnuala Earley. Prices had dropped more than three times as much during October, by 1.3 percent.
Additionally, the smaller fall meant that prices compared to a year ago are now down just 13.9 percent, after recording a 14.6 percent difference last month. All of this means that the average house in the UK costs £158,442 - roughly £25,000 less than November 2007, but £25,000 higher than five years ago.
However, Ms Earley was not confident about the near future of the market. "In spite of the moderation in house price falls recorded in November, with the economy in recession, conditions do not appear very favourable for a swift recovery in the housing market," she said. "The labour market is weakening, which will inevitably hinder market demand, particularly when property remains expensive relative to earnings."
But there was one note of optimism regarding the market from Ms Earley - she said that the "bold step" by the Bank of England to set interest rates at three percent would help "a significant number" of homebuyers with their mortgages.
